Exin Versa Launches Invoice Management System for Nigerian Businesses

Exin Versa has launched a platform that helps buyers in Nigeria digitize their supply chain processes.

The new Xelar by Exin Versa also enables these buyers to quickly access finance, collaborate easily with their suppliers and improve business performance, Xelar by Exin Versa Co-founder Folorunso Williams wrote in a post on LinkedIn.

The development of this platform for buyers began after Williams and Oluwasegun Adekunbi started Exin Versa as an invoice discounting platform for Nigerian suppliers and exporters, Williams said in the post.

“By May 2022, we realized that the supply chain ecosystem in Nigeria was so fragmented that a finance solution alone wouldn’t even begin to scratch the surface of this huge problem,” Williams said. “How can you finance a supplier’s invoice when even the buyer doesn’t have a proper invoice management system to know when the invoice is due for payment?”

Seeing this, Exin Versa accelerated its development of the solution that is now Xelar by Exin Versa. The tool is now available to businesses in Nigeria with a 30-day free trial, according to the post.

Xelar by Exin Versa gives these businesses access to both payables finance and supplier finance and helps them manage inventory and predict cash flow, according to the company’s website.

It also helps buyers issue ePurchase Orders and receive eInvoices from their suppliers, approve critical transactions digitally and work with their suppliers effectively on Xelar, the website said.

As PYMNTS reported Nov. 21, a wave of platforms that enable digital sales and procurement are revolutionizing the way African companies do business, contributing to an all-around more efficient trading system and helping to eliminate frictions that have long plagued traditional supply chains.

Increasingly, these platforms are not just middlemen connecting buyers to sellers; they find themselves ideally placed to provide African businesses with payment and credit services.

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